Pick up any newspaper and I guarantee that the majority of front page articles will be focused on the current economic crisis. Of those news sources, there isn’t one that hasn’t addressed the issues small and medium sized business owner’s face when it comes to obtaining a business loan or line of credit from the banks. Traditionally, bank loans have been a challenge for small to medium size businesses, especially retailers and restaurants without detailed business plans, strong personal guarantees and impeccable credit ratings. Today, the approval rate is lower than it’s been in years and businesses which would have previously been ideal candidates for bank financing, now find themselves unable to obtain the working capital they need. As a result of the banks tightening their lending, there has been a dramatic increase in the demand for an alternative option such as a Merchant Cash Advance.
In a previous post, we discussed what exactly a Merchant Cash Advance is and why it’s beneficial to small and medium sized business owners. If you ask our customers, having payments directly fluctuate with their business’ sales is the most valuable aspect of this financing alternative, especially in today’s economy. It provides business owners the flexibility they need at a time when they need it most.
Today I’d like to discuss who the Merchant Cash Advance works best for. The answer is simple – almost everyone. As long as you’re operating out of a bricks and mortar location, that’s been in business for at least 12 months and accept credit/debit cards as a method of payment, you likely qualify. No matter what industry you’re in, whether you’re a retailer or a restaurant, pub or bar owner, a Merchant Cash Advance can be the solution your business has been looking for. There is no fine print and no hoops or hurtles to jump through. Simply the working capital your business needs to cover costs, expand or upgrade.
Company Capital Inc is committed to providing a quality loan alternative product to Canadian small and medium sized business owners – no matter the industry!